Why Warren Buffett Loves Apple Stock

"I went into Apple because I came to certain conclusions about both the intelligence with the capital they deploy, but more important the value of their ecosystem and how permanent that ecosystem could be".

Apple's stock has been further boosted by news that Warren Buffett has endorsed Apple wholeheartedly, telling CNBC that he would love to hold 100 percent stock of Apple. Berkshire is now the third-largest holder of Apple stock, behind Vanguard and BlackRock.

After the US-based company, Apple released their earnings report, shares of the company saw a significant boost and when the legendary investor Warren Buffett revealed that Berkshire Hathaway picked up nearly 75 million shares of Apple during the March quarter.

Apple is now just US$16 per share short of reaching the much-anticipated US$1t mark.

While stock buybacks are a controversial way for companies to spend cash that they could otherwise invest in growth or acquisitions, Buffett said that in Apple's case it makes sense.

Apple's share price has once again hit record heights after billionaire Warren Buffett repeated his strong support for the tech company.

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Months earlier, many grew increasingly concerned that Apple's top-of-the-line phone has been a dud among consumers, due to its hefty US$1,000 price tag.

After buying 75 million AAPL shares, entrepreneur and economist Warren Buffett says he believes more and more in Apple and wants to invest even more.

"It is something where people who are of less-than-stellar character see an opportunity to clip people who were trying to get rich because their neighbor's getting rich buying this stuff neither one of them understands".

In other words, the business that looks most attractive for Apple to buy is Apple itself. Buffett also praised Apple's announcement of a $ 100 billion share buyback program. "So we very much approve of them repurchasing shares".

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